EUR/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD has recently broken out of the mentioned on Tuesday triangle to the upside and has already reached the target at 1.4350. Accordingly, even though the currency pair has formed a bullish channel and the technical indicators are mostly pointing upwards, there are significant downside risks we should take into account, and a close beneath 1.43 is likely to mean a sell-off, potentially down to 1.4250. On the other hand, a breach of the resistance level at 1.4340 will imply that the bullish momentum has not yet been exhausted, and the next objective is likely to be the Jan high at 1.45. Meanwhile, the SWFX sentiment is neutral, as 51% of positions are long and 49% are short.
© Dukascopy Bank SA
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